Mark A. McCollum was named president and CEO, as well as a member of the board of directors, at Weatherford International plc (NYSE: WFT). He will have an effective start date in late April 2017.

McCollum was most recently executive vice president and CFO at Halliburton.

Weatherford also said that William Macaulay has been appointed chairman of the board of directors.

"We are extremely excited to have Mark as our CEO and as new member of the board,” Macaulay, Weatherford's said in a statement. “After conducting a thorough executive search the Board determined that Mark's significant industry experience, proven track record and leadership expertise makes him the ideal choice to lead Weatherford.

"Consistent with our recent communications, our near-term priorities remain unchanged and focused on driving sustainable free cash flow, higher returns and improved financial flexibility. Furthermore, we remain committed to the core elements of our near-term strategy and will achieve these objectives through debt reduction, non-core asset dispositions and getting back to the basics in the way we work as we continue serving our customers with excellence and the highest level of service quality,” Macaulay continued. “The board and I are highly confident that Mark is well suited to lead Weatherford in these efforts and execute a longer-term strategy to position the Company for the next chapter in its evolution. We look forward to working with him on these important steps."

Krishna Shivram will be departing as interim CEO effective immediately. Christoph Bausch, Weatherford's executive vice president and CFO will serve as acting CEO until McCollum assumes the role in a permanent capacity.